Life is full of changes. Whether you are moving in, getting married, buying a business, starting a family, getting divorced, planning for retirement – there’s a lot to think about and deciding what happens on your death often gets pushed to the back of the list.
You may be wondering why you need a will?
If you don’t have a Will or if yours is not valid for some reason, what you would like to happen may not necessarily happen once you’re no longer here. This can leave the bereaved dealing with more than they need to during an already stressful time.
The new year is a good time to review your current circumstances.
If you don’t have a Will and are considering getting one underway, here are our top 5 tips.
- Are you married or in a long-term relationship? Your relationship status will affect the ability to deal with your assets under your Will.
- Do you have children? Did you know you have a moral obligation to provide for children under your Will?
- Do you own property? If you die while owning property, the Court must approve the person dealing with your estate.
- Do you have a Family Trust? Did you know your Family Trust can be a beneficiary under your Will?
- Do you have business interests? Have you considered what would happen to your business beyond your death?
If you already have a will, is it up to date? Does it reflect your current situation? Your financial or personal circumstances may have changed since you signed it. A good rule of thumb is to review your Will every 5 years, or earlier if you have had any significant changes in your personal circumstances.
Our team can help with setting up a Will, Family Trust or Enduring Power of Attorney, so your wishes for what should happen when you’re no longer here are clear and taken care of.